Form 4: Midland States Bancorp Director's Latest Share Holdings

Midland States Bancorp Director Richard Dean Bingham reports updated beneficial ownership, including acquisition of common share equivalents through a deferred compensation plan.

Summary

• Richard Dean Bingham, a Director of Midland States Bancorp, Inc. (MSBI), reported his beneficial ownership of company securities.
• Directly owns 27,700 shares of Common Stock and 4,000 Series A Preferred Depositary Shares.
• Indirectly owns 1,000 shares of Common Stock through an IRA and 42,554 shares of Common Stock through Agracel, Inc.
• Acquired 743.977 Common Share Equivalents on December 31, 2025, through the Directors Deferred Compensation Plan (DDCP) at a price of $21.17 per equivalent.
• These common share equivalents are fully vested and become payable upon termination of service as a director.
• Beneficially owns a total of 22,287.6963 Common Share Equivalents directly from the DDCP.
• Also directly owns 9,879.106 Restricted Stock Units, each equivalent to one share of common stock.

Sentiment

Score: 6

Explanation: The filing is neutral to slightly positive, reflecting a director's ongoing accumulation of shares through a deferred compensation plan, which aligns their interests with shareholders. No significant selling activity or adverse information is present.

Positives

• Director Bingham continues to hold a significant number of shares and equivalents, indicating alignment with shareholder interests.
• The acquisition of 743.977 common share equivalents through the deferred compensation plan demonstrates ongoing commitment to the company.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Richard Dean Bingham indirectly holds 42,554 shares of Common Stock through Agracel, Inc., and 1,000 shares through an IRA, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may view the director's continued accumulation of common share equivalents as a positive signal of management's alignment with shareholder interests.

Key Dates

Recommendation

This Form 4 filing details a director's beneficial ownership and the acquisition of common share equivalents through a deferred compensation plan. It represents a routine disclosure of insider holdings and compensation, rather than a discretionary open market purchase or sale that would signal a strong change in sentiment. While the accumulation of shares through a compensation plan is generally a positive sign of alignment, it does not provide new fundamental information to warrant a change from a 'hold' position based solely on this filing.

Keywords

Midland States Bancorp, MSBI, Richard Dean Bingham, Director, SEC Form 4, Beneficial Ownership, Common Stock, Preferred Depositary Shares, Deferred Compensation Plan, Restricted Stock Unit, Insider Transaction